We cant accept 3% share of oil revenue, Southern Govs tell FG

Governors from the Southern part of Nigeria have rejected the 3% share of oil revenue to host communities in the recently passed Petroleum Industry Bill by the National Assembly.

It calling for 5% as recommended by the House of Representatives.

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The Senate had last week Thursday passed the Petroleum Industry Bill (PIB) after two decades of failed attempts.

While reacting to some of the clauses in the bill, the southern governors’ forum, after its closed-door meeting in Lagos on Monday said the 3% approved by the senate was unacceptable.

“The Forum rejects the proposed 3% and supports the 5% share of the oil revenue to the host community as recommended by the House of Representatives.

“The forum also rejects the proposed 30 per cent share of profit for the exploration of oil and gas in the basins.

“However, the forum rejects the ownership structure of the proposed Nigeria National Petroleum Company Limited (NNPC). The Forum disagrees that the company be vested in the Federal Ministry of Finance but should be held in trust by Nigeria Sovereign Investment Authority (NSIA) since all tiers of Government have stakes in that vehicle.” the communique read in part.

The forum also said it unanimously agreed that the 2023 Presidency should return to the South after the completion of the second tenure of President Muhammadu Buhari.

The governors, in a communique after a closed-door meeting, in Lagos said it was agreed that the Presidency should be rotated between South and North beginning 2023.

While commenting on the security situation in the region, Ondo State Governor, Rotimi Akeredolu said the forum has set September 21, 2021, as the deadline for the promulgation of the anti-open grazing law in the southern region just as he disclosed that a marching order has been given to all the law enforcement agencies in the South to take permission from governors of their respective states before carrying out any operation.

But he was silent on the recent arrest of the leader of the proscribed IPOB leader, Nnamdi Kanu and the DSS invasion of the house of the self-acclaimed Yoruba rights activist, Sunday Adeyemo, popularly known as Sunday Igboho.